Q. On my taxes I report the 1098-T and take the ATOC?
A. Yes
Q. I ignore the 1099-Q on my return,
A. Yes
Q. On my daughter's taxes I report just the taxable part of the 529 distribution?
A. Yes
Q.. Do I just figure out what that number is from my records and put it somewhere?
A. Yes, since you have already done all the work. The normal way to do is enter the 1099-Q, the 1098-T, expenses and adjustments and let TT do the calcs. But, mistakes can and frequently do happen.
Q. Where?
A. In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)
- Wages & Income
Scroll down to:
-Less Common Income
-Misc Income, 1099-A, 1099-C
- On the next screen, choose – Other reportable income
- On the next screen, click yes
- On the next screen, you'll get blanks to enter the amount ($1800?) and a description "Qual Tuition Prgm from 1099-Q". TT will put in on line 8, schedule 1, Other Income
Keep your notes and calculations, in case of an IRS inquiry.
